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Educate Yourself About the Revised Tax Benefits for Higher Education

Posted on January 12th, 2021
Educate Yourself About the Revised Tax Benefits for Higher Education

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, made some changes to… Read More »


PPP Tax Relief

Posted on December 28th, 2020
PPP Tax Relief

Congress passed and President Trump signed a $900 billion COVID relief bill Sunday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses. Individual Stimulus Payments The bill provides for $166 billion in economic impact payments. The direct payments… Read More »


Maximize your 401(k) plan to save for retirement

Posted on December 10th, 2020
Maximize your 401(k) plan to save for retirement

Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a substantial sum of money. If you’re not already contributing the maximum allowed, consider increasing your contribution rate. Because of tax-deferred… Read More »


Biden’s Tax Plan

Posted on November 10th, 2020
Biden’s Tax Plan

We have all heard that the Biden wants to raise taxes on high-income households and corporations.  If Biden is confirmed, what does that mean for individual and corporate tax planning?    We know that the President doesn’t actually enact tax policy or write the tax code, that is the job of Congress.   It appears that we… Read More »


Are your Social Security benefits taxable?

Posted on September 29th, 2020
Are your Social Security benefits taxable?

If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This doesn’t mean you pay 85% of your… Read More »


Tax implications of working from home or collecting unemployment

Posted on September 24th, 2020
Tax implications of working from home or collecting unemployment

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations: 1. Working from home. Many employees have been told not to come into their workplaces due to the pandemic. If you’re an employee who “telecommutes” — that is, you are working… Read More »


Tax implications of employer-provided life insurance

Posted on September 17th, 2020
Tax implications of employer-provided life insurance

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you.   “Phantom income”   The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t… Read More »


Recognizing PPP Loan Forgiveness Could Impact Budgets

Posted on September 14th, 2020
Recognizing PPP Loan Forgiveness Could Impact Budgets

By Jered Fuquay, Director     Nonprofits were undoubtedly happy to be included in the Paycheck Protection Program (PPP), but now comes the process of figuring out how to recognize the funds for budgeting purposes. If all, or even some, of the loan is forgiven, then the amount forgiven becomes income to the organization in the form… Read More »


Deferring employees’ Social Security taxes

Posted on September 9th, 2020
Deferring employees’ Social Security taxes

The IRS has provided guidance regarding the recent presidential action allowing employers to defer employee taxes through withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and how, to… Read More »


Education tax breaks on the books

Posted on September 3rd, 2020
Education tax breaks on the books

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain education tax breaks to help defray the cost of education. Here is a summary of some of those tax breaks. Higher education tax credits Generally, you… Read More »


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